Earlier this week, our Co-founder and Co-chair Chris Hughes wrote in TIME, “We are witnessing the most profound realignment in American political economy in nearly forty years.” His piece, “The Free Market is Dead: What Will Replace It?,” makes the case that our country is leaving behind the conventional wisdom that markets are natural and shouldn’t be touched, and embracing one where the state deploys regulation, public investment, and macroeconomic management to make our economy work.
It’s a seismic shift. But the work ahead of us is shaping the new common sense about political economy into a practical program to…
Many low-income families forced to spend checks to pay down debt, essentially covering basic needs from past months even as they still struggle to make ends meet
New data published today by the Census Household Pulse Survey shows that Americans are using the most recent round of $1,400 stimulus checks on necessities: paying for groceries, bills, and other household necessities. And while well-off households are on a stronger economic footing, low-income families and families of color are still struggling to make ends meet.
Here are key findings of the federal data:
Last week, we saw what was once a radical idea — giving families unconditional cash every month — become law. In addition to sending $1,400 direct checks to 85% of adults and extending unemployment insurance, the American Rescue Plan transformed the Child Tax Credit (CTC) and expanded the Earned Income Tax Credit (EITC). Combined, these policies will deliver “more immediate cash assistance to families at the bottom of the income scale than any federal legislation since at least the New Deal.”
Members of Congress, mayors, organizers, small business owners, and individuals impacted by the pandemic participated in events across the country on Thursday, February 6th as part of a nationwide Day of Action demanding that Congress pass recurring $2,000 checks.
Recent polling shows that more than 80% of the public supports $2,000 checks, including 74% of Republicans. And 60% support recurring monthly payments of $2,000 until the pandemic is over.
The “Make it Monthly” Day of Action, organized by Economic Security Project Action, Change.org, Income Movement, and The People’s Bailout, included events in 12 states; a live, national conversation with Members…
With last week’s successful inauguration, we’ve been thinking about the many reminders that progress comes in fits and starts, but ultimately it prevails — or, in the words of the incredible poet Amanda Gorman: “while democracy can be periodically delayed, it can never be permanently defeated.” The task falls on all of us to push for a brighter tomorrow, and that includes ensuring the popular, bold economic promises of this new administration are kept.
The movement for a more resilient economic future gained steam earlier this month, as Mayors for a Guaranteed Income (MGI) received a $15 million donation from Twitter CEO Jack Dorsey, on top of the $3 million he gifted in July. These funds will give 29 mayors the chance to research, develop and implement guaranteed income programs for their constituents — providing the power of unconditional cash at a time when millions of Americans are struggling to stay financially afloat.
Recognizing a need for news coverage dedicated to how the economy and policy affect young people, the Economic Security Project (ESP) and Teen Vogue partnered to provide a one-year reporting fellowship focused on the coronavirus’s economic fallout, along with stories centered at the intersection of economic, racial and gender justice. After a competitive search with more than 250 applicants, we are pleased to announce the selection of Jacqui Germain as the inaugural ESP Fellow at Teen Vogue.
“Jacqui is a whip-smart, hyper-engaged journalist with close ties to the communities she reports on,” Teen Vogue senior politics editor Allegra Kirkland says…
The COVID crisis has caused some of the most significant and unequal damage to the U.S. economy in modern history, leaving families and businesses alike struggling to get by. Unless policymakers act quickly to respond to the crisis at the scale necessary, we risk the damage to the economy lasting much longer than necessary, particularly for those at the bottom who have been hit the hardest.
Learning from the 2009 stimulus bill and the recent CARES Act, we know that the next stimulus needs to be big, immediate and direct, and lasting until the economy recovers. We urge policymakers to…
Earlier this month, Americans voted at rates unseen in over 100 years, with more than 65% of the electorate making their voices heard. While Americans remain divided in many ways — one piece of polling stands out. 77% of those who voted support another stimulus payment of $1,200, and 61% of voters want regular payments. The case has even been made that the reason the GOP received as much support as it did “can be explained simply by the fact that it was the party in power when the government put a lot of money into the hands of a…
Anti-Monopoly Fund Grantees and Partners Respond to House Judiciary Antitrust Subcommittee Report
Last week marked a pivotal moment in the anti-monopoly movement with the release of the House Judiciary Antitrust Subcommittee’s landmark report. It arrives during an economic crisis that has laid bare the rampant inequalities and fragilities standing up a system where wealthy CEOs continue to surpass record profits while millions of low- and middle-income d families struggle to navigate unemployment, evictions, healthcare services during a pandemic, and other hardships.
The Economic Security Project challenges the status quo by catalyzing ideas that build economic power for all Americans.